Bremo Research — April 2026
Bremo analyzed 18 Canadian bank accounts — 12 traditional banks and 6 challenger accounts — to calculate the true annual cost of banking for the average Canadian in 2026.
Published: April 21, 2026 | Bremo Research | Based on publicly disclosed fee schedules
The average Canadian with a traditional bank chequing account pays $284 per year in banking fees — including monthly account fees, ATM charges, and overdraft fees. Canadians with premium bank plans pay up to $420/year. Yet zero-fee alternatives exist that also earn cash back on every purchase.
| Account | Monthly Fee | Annual Cost | E-Transfer | ATM Fee | Cashback |
|---|---|---|---|---|---|
| TD Everyday Chequing | $10.95 | $131 | Free (10/mo) | $2.00 | None |
| RBC Day to Day | $11.95 | $143 | $1.50 | $2.00 | None |
| Scotiabank Basic | $11.95 | $143 | $1.50 | $2.00 | None |
| BMO Practical | $12.95 | $155 | $1.50 | $2.00 | None |
| CIBC Smart | $6.95–$16.95 | $83–$203 | Included | $2.00 | None |
| National Bank Total | $10.95 | $131 | Free | $2.00 | None |
| HSBC Everyday Global | $25.00 | $300 | Free | Free | None |
| Meridian Credit Union | $6.95 | $83 | Free | $1.50 | None |
| Desjardins Modulo | $10.45 | $125 | Free | $2.50 | None |
| ATB Financial | $10.95 | $131 | Free | Free | None |
| Coast Capital | $6.00 | $72 | Free | Free | None |
| Laurentian Bank | $12.95 | $155 | $1.50 | $2.00 | None |
| Tangerine Chequing | $0 | $0 | Free | Free (network) | None |
| Simplii Financial | $0 | $0 | Free | Free (network) | None |
| EQ Bank Personal | $0 | $0 | Free | Limited | None |
| Wealthsimple Cash | $0 | $0 | Free | Free | Up to 0.5% |
| Neo Financial | $0 | $0 | Free | Varies | Up to 5% |
| KOHO (Free Plan) | $0 | $0 | Free | Free (network) | 1%–2% |
Monthly account fees are only part of the picture. When all charges are included, the average Big 5 bank customer pays significantly more:
| Fee Category | Avg. Annual Cost (Big 5) |
|---|---|
| Monthly account fee | $131–$155 |
| ATM fees (3 non-network withdrawals/month) | $72 |
| NSF / overdraft fees (2x/year average) | $90 |
| Wire / Interac international transfer | $15 |
| Paper statement fee | $24 |
| Total estimated annual cost | $332–$356 |
| Account | Monthly Fee | Base Cashback | Max Cashback | Signup Bonus |
|---|---|---|---|---|
| KOHO Free | $0 | 1% | 2% | Yes — code BREMO2026 |
| KOHO Extra ($9/mo) | $108/yr | 2% | 3.5% | Yes — code BREMO2026 |
| KOHO Everything ($19/mo) | $228/yr | 2% | 5% | Yes — code BREMO2026 |
| Neo Financial | $0 | 0.5% | 5% | Yes — code J4C9H3K5 |
| Wealthsimple Cash | $0 | 0% | 0.5% | Referral only |
| Tangerine | $0 | 0% | 2% (with credit card) | Promo only |
Banking fees vary by province based on cost of living, account usage patterns, and ATM network density. Bremo estimates the following average annual banking costs by region:
| Province | Estimated Avg. Annual Fees | Key Driver |
|---|---|---|
| Ontario | $312 | High ATM usage in urban areas |
| British Columbia | $298 | Premium account adoption |
| Alberta | $271 | ATB waiver programs reduce average |
| Quebec | $255 | Desjardins network reduces ATM fees |
| Saskatchewan | $268 | Limited no-fee network access |
| Manitoba | $261 | Credit union penetration |
| Atlantic Canada | $244 | Lower average account tier |
Data collection: Bremo Research collected publicly available fee schedule data from all 18 institutions between April 1–15, 2026. All data sourced from official institution websites and the Financial Consumer Agency of Canada (FCAC) database.
Fee calculation methodology: Monthly fees reflect standard plans without promotional waivers or minimum balance exceptions. ATM fees calculated at 3 non-network withdrawals per month based on 2024 Canadian Payments Association data on average ATM usage. NSF fees based on 2 incidents per year per 2023 FCAC consumer survey data. Cash back rates reflect publicly listed rates at time of publication.
Limitations: Individual banking costs vary significantly based on account usage patterns. Some institutions offer fee waivers for minimum balances or direct deposit that are not reflected in base fee calculations. This study represents average usage patterns for illustrative purposes.
Published: April 21, 2026 | Accounts analyzed: 18 | Contact: amos@bremo.io
Open a KOHO account with code BREMO2026 for zero monthly fees and up to 2% cash back on every purchase.
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